FICO score???

wnlbutterflyMarch 10, 2004

I have been reading how the FICO score is rated. It is stated that things like how much you make, how long at your present job, how long at your place of residence. Just to name a few are figured into this.

But when I got my credit reports (actually hubby's), not one of the big three had current employment info, he has worked there for 14 years. So how can they have accurate FICO score when they don't have employment listed for him? For all they know he could be working at Burger King (no offense to BK, he actually worked once).

I did send a letter to all three informing them of his employment so maybe that will help the scores. I also noticed one didn't even have his correct DOB. Yet banks and lenders put so much weight into these CRA, and credit scores.

Laura

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quirk

Nope, you have been misinformed. Employment, salary, etc, are not part of the score. They don't care if you work at burger king. They care about how you handle credit.

Here is a link that might be useful: Things not in your FICO score

    Bookmark   March 10, 2004 at 10:46AM
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vonrouge

Some of that info may/may not be in the "soft" section of your FICO report. I concur with the poster above. The presence of that info or lack of it does not affect your score.

    Bookmark   March 10, 2004 at 11:54AM
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wnlbutterfly

I can't find it now, but I read it just yesterday, maybe it was an older FICO explaination. It was one with the break downs....This was talking about how in the beginning FICO wouldn't disclose how they computed the score because they felt they would be out of business (assuming banks and lenders would then do it). So it's nice to know that this could very well be outdated info.

My concern is if they can't even get the employment accurate, then how or why should lenders believe they can keep any other info correct? I mean it seems all the sites I have been on will say check your credit score and correct the errors because there are always errors.

I had one lender that only asked our FICO and downpayment, and then quoted a 9%-12% interest rate. I said "no thanks, already have better than that on the table". But I was just floored.

Our current lender is scratching her head wondering why the score is coming up low since we have not a lot of outstanding debt (and yes have some good reporting, so it's not a matter of no credit).

I wish I had checked the credit reports last year and worked on them before heading to the banks and lenders on a loan, but that is hindsight. I'll know better next time, and also working on teaching the kids what to do and what not to do so they don't have these problems we had.

Laura

    Bookmark   March 10, 2004 at 1:55PM
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tinatark

Laura, those factors don't figure into the FICO score, but they could factor into the financial institution's customized score model. A lot of credit Unions use these. Things like whether you rent or buy, length of residence, employment, and types of cards you have (a "store specific" card Target, etc would drop your score, Gas cards would increase your score). This type of scoring can be subjective - I've overheard loan reps asking a customer "You DO have a gas card, right?!"... but they've been around for awhile and are still out there!

    Bookmark   March 16, 2004 at 11:28PM
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